Although it may not be initially apparent to most home, duplex, triplex or fourplex sellers, the fact is that a person’s motivation for selling a property is the single greatest factor in whether the property actually sells and how much profit they make. Are you a motivated seller?
Whether you have outgrown your starter residence, you want to trade up, you want out of being a landlord, you have inherited a property you cannot manage, you want in on the booming seller’s market or you are moving to another town or state for work-related reasons or other reasons, you should clearly identify your reasons for selling. This may determine how quickly you sell and what profit you make.
Some of the most common reasons to sell come from a life changing event that is currently happening or just happened. This creates an urgency to sell sooner rather than later. These events can include relocation due to a job, change in income to fit a different lifestyle, divorce, birth of a child, death of a family member, absentee owner, foreclosure, natural disaster such as wildfires, earthquakes, etc., vacancies, extensive repairs needed, upsize, downsize, crime, zoning issues, or high equity. What ever your reason, make sure you are clear on what your motivation is. If you are a property owner who has a strong need, not just a desire, then you are motivated.
The process of selling your home or multi-family property can be time-consuming, labor-intensive, and of course, expensive. Therefore, the first thing you should do is to ensure you are not jumping the gun and that you’re truly ready to sell your property. What is your motivation for selling?
Do You Have Equity on Your Side?
Review your most recent mortgage statement and find out how much you owe under “principal balance.” For an accurate home valuation, you should consult an experienced real estate agent and have them prepare a comparative market analysis, or CMA. After you have these two numbers, take your current home value from the CMA and subtract what you owe. This will give you a rough idea how much equity you have.
Having some equity puts you in a much better position to sell versus owing more than your property is worth. Owing more than your property is worth places you in a “short sale” position, which is much more complicated.
Ready to Sell a Home or Multi-Family Property in Silicon Valley?
Selling a home or multi-family property does not have to be overwhelming, Debbie Marino is here to help. If you live anywhere in Silicon Valley, click here to set an appointment, call or text Debbie at 408-210-2400, or send an email to Debbie@PropertiesInSiliconValley.com to request a free, no-obligation consultation.
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